California Tackles
Disclosure Issues
At Mutual Funds

By

Tom Lauricella Staff Reporter of THE WALL STREET JOURNAL

Updated Sept. 16, 2004 12:01 a.m. ET

Now it is California Attorney General Bill Lockyer's turn to shake up the mutual-fund industry.

In settling his first civil-fraud case against a mutual-fund company yesterday, he essentially created a new requirement that fund companies disclose how much they pay brokerage firms to hawk their funds and which firms get the money. In doing so, he stepped on the toes of the Securities and Exchange Commission, which has no such...